Micron Technology headquarters in Boise, Idaho, March 28, 2021.
Jeremy Erickson | bloomberg | Getty Images
Check out which companies are making headlines at noon on Tuesday.
PagSeguro Shares rose 5.3% after Citi upgraded Brazilian Payments shares to buy from neutral. The company called the company’s most recent quarter earnings unsurprising and said it was still in a tough spot, but that stocks were more attractive after recent poor performance. Stone, which Citi also upgraded to buy from neutral, also moved higher on Tuesday.
Confirmation – The pay-as-you-go service fell 6.9% after Apple announced a competing service. Apple shares fell by 0.9 percent.
Occidental Petroleum — The energy stock jumped almost 4% after a regulatory filing showed that Warren Buffett’s Berkshire Hathaway bought an additional 3.7 million shares for $216 million last Monday and Thursday. TD Cowen upgraded Occidental to outperform the market after the news.
Micron Technology Semiconductor stock fell 2.8% ahead of its scheduled second-quarter earnings report after the bell on Tuesday. Analysts expect revenue of $3.71 billion and earnings per share of $0.67, according to FactSet. Micron shares have gained more than 14% in the past six months.
PVH — Shares rose 18.9% after the apparel company’s fourth-quarter adjusted earnings per share were $2.38, beating estimates of $1.67 per Refinitiv. Its revenue of $2.49 billion exceeded expectations of $2.37 billion. PVH guidance for the first quarter and full year also beat estimates.
Paramount – Shares of the media giant were up 3.6% during midday trading on Bank of America’s rating upgrade from neutral to buy. The bank highlighted Paramount’s strong portfolio of assets that could help the business should it put itself up for sale.
McCormick & Company — The spice maker’s share price jumped about 10% during midday after reporting better-than-expected first-quarter earnings. McCormick reported quarterly earnings of $0.59 per share, while analysts surveyed by FactSet expected $0.50.
Alibaba – Shares rose 12 percent after the e-commerce giant said it would split its company into six separate business groups, with each group having the ability to raise outside financing and go public.
Ciena — The tech company advanced 4.9% after Raymond James upgraded the stock to a Strong Buy from an outperformer.
Walgreens Boots Alliance Shares of the pharmaceutical giant rose more than 3% at midday after the company reported an increase in its quarterly revenue despite seeing a sharp drop in demand for Covid tests and vaccines. Walgreens reported revenue of $34.86 billion in the most recent quarter, compared to analyst estimates of $33.53 billion, according to Refinitiv.
Carnival Corp — The cruise operator’s share price rose 5.9% Tuesday after Wells Fargo upgraded Carnival to an underweight equal weight. The company said it sees a more balanced risk/reward for the company
— CNBC’s Alex Haring, Yoon Lee, Jesse Pound, and Michelle Fox Theobald contributed to reporting.
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”